基于GMM分析的发展中国家税收环境与制度质量以及外国投资的关系研究  

Dynamic Connection between Tax Environment Attractiveness,Institutional Quality and Foreign Direct Investment Based on GMM Analysis of Developing Countries

作　　者：徐铖[1] XU Cheng(No.4 Teaching Branch,Taxation Cadre College,State Taxation Administration of People's Republic of China,Yangzhou,Jiangsu,225007,China)

机构地区：[1]国家税务总局税务干部学院教研四部,江苏扬州225007

出　　处：《西华大学学报（哲学社会科学版）》2021年第4期100-112,共13页Journal of Xihua University(Philosophy & Social Sciences)

摘　　要：发展中国家往往受制于国内资本不足而亟需吸收外国资本实现持续的经济增长和社会发展,但近年来流入发展中国家的外国直接投资并没有达到人们的预期。文章使用2007至2017年期间55个发展中国家的非平衡面板数据,结合设计的线性动态面板模型,采用两步广义矩估量法(GMM)分析了发展中国家税收环境对吸引外资的影响以及国家的制度质量是否对两者关系具有调节作用。得出了两个主要结论:一是国家的税收环境吸引力对外资具有显著的正向影响;二是国家的制度质量对税收环境吸引力和外资间的关系有显著的调节作用。与以往使用单一税收因素的研究不同,文章使用了包含16种税收因素的税收吸引力指数来评估税收环境对外资流入的影响,并且证明了国家的制度质量能够有力地调节税收环境吸引力和外资的关系。Developing countries are often constrained by insufficient domestic capital and urgently need to absorb foreign capital to achieve sustained economic growth and social development. However, the foreign direct investment flowing into developing countries in recent years has not reached people’s expectations. This study aims at analyzing the impact of host country’s tax environment attractiveness on foreign direct investment in developing countries and also investigating whether country’s institutional quality plays any moderating role in the relationship between tax environment attractiveness and foreign direct investment. Unbalanced panel data of 55 developing countries from the period 2007 to 2017 are used in the linear dynamic panel models designed for the study using two-step system Generalized Method of Moment(GMM) technique. The main findings are in two folds. First, the impact of host country’s tax environment attractiveness is positive and statistically significant on foreign direct investment. Secondly, the study provides evidence to suggest that institutional quality significantly moderates the relationship between tax environment attractiveness and foreign direct investment. Unlike previous studies which investigated the effect of taxation on FDI inflows using a single tax factor, this study applies tax attractiveness index which incorporates 16 tax factors to estimate the impact of tax environment on foreign direct investment. Furthermore, the study indicates that institutional quality plays significant role in the relationship between tax environment attractiveness and foreign direct investment.

关 键 词：税收环境吸引力 外国投资 制度质量 广义矩估量法 发展中国家 

分 类 号：F110[经济管理—国际贸易] F810.42[经济管理—世界经济]